Skellerup cuts annual earnings forecast as drought hits agri business

Wed, 01 May 2013

May 2 (BusinessDesk) - Skellerup, the industrial rubber goods maker, has cut its annual earnings guidance for a second time after the drought across the North Island sapped demand at its agri business as farmers put off buying until next season. The Auckland-based company expects net profit of $17 million in the year ended June 30, down from trimmed down guidance of $20 million it gave in February, from a previous forecast range of between $22 million and $24 million. The manufacturer blamed the drought for weaker local demand, and also sign...

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